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USD/CAD bounces off YTD low towards 1.3250 as Oil Price drops, US Dollar recovers amid sluggish markets
USD/CAD picks up bids to consolidate the recent losses around the yearly low, refreshing the intraday top near 1.3215 amid early Monday. In doing so, the Loonie pair snaps a two-day downtrend while justifying the broad US Dollar recovery, as well as the downbeat prices of Canada’s main export item WTI crude oil, during a sluggish session due to the Juneteenth holiday in the US. US Dollar Index (DXY) extends the previous day’s corrective bounce off the monthly low amid slightly downbeat sentiment and the hawkish Fed signals, while also ignoring the mixed US data flashed the previous day. With this, the ... (full story)